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The 30-year, fixed-rate mortgage posted another record low for the 11th consecutive week in two weekly surveys.
The Freddie Mac Primary Mortgage Market Survey reported the average rate for a 30-year fixed-rate mortgage (FRM) at 4.32% with an average 0.7 origination point for the week ending Sept. 2, down from last week's average of 4.36% and a year ago, when the average was 5.08%. This is the lowest rate the survey has recorded since its inception in 1971.
The Bankrate survey of large banks and thrifts reported the average rate for a 30-year FRM at 4.53% with a 0.42 origination point, down from last week's average of 4.59% and a new record low for the nearly 25-year-old survey.
Rates for 5-year adjustable rate mortgages (ARM) are also plunging, setting a historic record low for Freddie Mac. The GSE said the rate was down to 3.54% with an average origination point of 0.6 from the historic record low achieved three weeks ago (3.56%). The rate for a 5-year ARM was 4.59% one year ago.
Bankrate posted the rate for 5-year ARMs slightly elevated from last week at 3.86%, from 3.85% last week.
Deputy chief economist at Freddie Mac, Amy Cutts, said that rates fell because the rate of inflation is tentatively stable.
"The 12-month price growth of core personal expenditures [which measures personal consumption on a national basis] remained at 1.4% in July, which kept overall inflation expectations at bay," she said. "As a result, mortgage rates eased further this week to new historic lows."
The GSE said the average rate for a 15-year FRM averaged 3.83% with an average 0.6 origination point, down from last week's average of 3.56% and a year ago, when the average was 4.59%. The average is a new low for the 15-year survey which began in 1991.
Bankrate also put the average rate for a 15-year FRM lower than last week at 4.05%, down from 4.08%.
The one-year Treasury-indexed ARM averaged 3.5% with an average 0.7 point this week, down from last week when it averaged 3.52%. At this time last year, the one-year ARM averaged 4.62%.
Write toChristine Ricciardi.

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